Ripple Price Analysis: XRP/USD Signaling Drop To $0.2420

Ripple Price Analysis: XRP/USD Signaling Drop To $0.2420

Ripple price is under a lot of pressure below $0.2850 pivot level against the US Dollar. XRP/USD could continue to move down towards the $0.2420 support zone.

Key takeaways

Ripple price is trading in a bearish zone below the $0.2850 and $0.3000 resistances.

XRP/USD is trading inside a declining channel with resistance at $0.2700 on the 4-hours chart.

XRP price is likely to extend the current decline towards the $0.2420 technical support.

Ripple price analysis

After a decent recovery from the $0.2675 swing low, ripple price faced a strong selling interest near the $0.3080 level against the US Dollar. XRP/USD started a fresh downward move and broke the $0.3000 and $0.2850 support levels.

The 4-hour chart indicates that the price even settled below the $0.2850 pivot level and is currently trading well below the 100 simple moving average (4-hours). The current decline looks strong since the price also broke the last swing low at $0.2675.

Chart sourced by TradingView, Binance.

There is a clear downtrend visible on the chart with an immediate support near the $0.2580 level and the 1.236 Fib extension level of the last wave from the $0.2675 low to $0.3075 high. If sellers remain in action, the price could even break the $0.2580 support to test $0.2500.

More importantly, there is a declining channel with resistance at $0.2700 in place on the same chart. Once the price breaks the $0.2580 support and the channel, it may well slide towards the $0.2420 technical support.

The mentioned $0.2420 support is the 1.618 Fib extension level of the last wave from the $0.2675 low to $0.3075 high. On the other hand, if the price corrects above the channel resistance and $0.2750, it could face a strong selling interest near the $0.2850 pivot level.

Above $0.2850, there is a crucial bearish trend line in place with resistance at $0.2900. Therefore, only a successful close above the $0.2900 and $0.3000 resistances might open the doors for a decent recovery in the near term.

Overall, ripple price remains in a downtrend and as long as it is below $0.2850, it could drop towards the $0.2420 technical level.

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